Refinancing Program Extended
Homeowners have received another year to refinance their loans under the Home Affordable Refinance Program, the Federal Housing Finance Agency announced recently.
The program, which was originally scheduled to end June 10 but now expires June 30, 2011, allows borrowers who owe up to 25 percent more than their homes are worth to refinance at lower interest rates.
The Treasury Department reports that, so far, the program has helped about 220,000 homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac, far less than the projected four to five million.
While Austin's general economy and foreclosure rate is not near as bad as many other areas there are still many homeowners near the brink. We have several institutions that will be happy to see if you qualify for a program like this if there is a need.
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Another Forbes quote:
"If one state is a poster child for economic recovery, it's Texas, home to four of the 10 cities on our list. There's more to why Austin, Dallas, San Antonio and Houston are faring well than just the state's energy industry. The tech, government and education industries supplement the oil state's riches. As for housing, cities in Texas didn't see the same run-up in home prices and rampant speculation that led to the spectacular bubble burst elsewhere in the country.”
Link to article:
http://realestate.yahoo.com/promo/cities-where-the-recession-is-easing